Consolidating your bills good idea
Online Lender: With bad credit, you pay .58 more per monthly payment and ,974.69 more over the life of the loan (20.1% more). Anne starting using credit in college to pay for books and expenses.
Over the next few years, Anne experienced a number of financial set-backs.
The interest rate on debt consolidation loans depends on your credit score, but if your score was above 640, you could get a loan for as low as 7%. That’s .00 per year for every 0 you carry in debt. Here’s a scenario to help you better understand traditional debt consolidation.
Secured debts such as homes, property and automobiles can be refinanced, but are not considered good candidates for debt consolidation because you are placing a valuable asset at risk. If you have ,000 in debt, you’d be paying 50 each year to hold that debt. If you carry that same debt for 5 years, you’ve paid ,250 to borrow ,000. After you’ve read that, we’ll tell you how In Charge’s non profit debt consolidation alternative can capture all the benefits of traditional debt consolidation without the risks.
In some 2-week spans, Anne has to make 5 credit card payments.
“” When she looked into a traditional debt consolidation program, Anne faced a number of problems.